Altcoins

Friendtechs SocialFi application is transitioning away from Base Blockchain to create its own network

adminJun. 10, 202404 mins

The social finance application protocol Friend.tech (FRIEND) has announced its departure from Coinbase’s Base chain to establish its own network.
In a recent announcement, the team behind the platform revealed that they will be collaborating with Conduit, a company that offers Ethereum (ETH) rollups, to develop Friendchain, a new blockchain that will use FRIEND as its gas token.
“We are excited to partner with Conduit on Friendchain, our unique blockchain that will utilize FRIEND as a fully transferable gas token. Stay tuned for updates as we embark on this new and exciting journey in the coming months.”
Users can now register for the upcoming Friendchain testnet, although the launch date has not been specified.
Friend.tech, launched in 2023, enables users to connect their X accounts to a crypto wallet address, creating a decentralized social finance (DeFi) platform where fans and creators can directly interact.
“Friend.tech facilitates direct engagement between users and creators, which may not be possible through traditional channels. For instance, a basketball enthusiast can purchase NBA player Grayson Allen’s Key to engage in a conversation with him. Additionally, users can speculate on the growth of profiles or creators by acquiring their keys, which can be resold.”
Data from market intelligence firm Dune Analytics shows that Friend.tech has a Total Value Locked (TVL) of nearly $9 million and has attracted over 916,800 users who have completed at least one trade on the platform.
At the time of writing, FRIEND is trading at $0.791, reflecting a decrease of almost 20% in the last 24 hours.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors are advised to conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. Please be aware that all transfers and trades are undertaken at your own risk, with any resulting losses being your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl engages in affiliate marketing. Featured Image: Shutterstock/Yurchanka Siarhei

Friendtechs SocialFi application is transitioning away from Base Blockchain to create its own network

adminJun. 10, 202404 mins

Friend.tech’s application protocol, known as FRIEND, has announced its decision to move away from Coinbase’s Base chain in order to create its own network. The team behind the social finance platform revealed that they will be teaming up with Conduit, a company specializing in Ethereum rollups, to develop Friendchain, a unique blockchain that will utilize FRIEND as its gas token.

“We are excited to collaborate with Conduit on Friendchain, our very own blockchain that will use FRIEND as a fully transferable gas token. Stay tuned for updates as we embark on this new and thrilling chapter in the coming months,” stated the team.

Friend.tech has opened sign-ups for the upcoming Friendchain testnet, although an exact launch date has not been specified. Launched in 2023, Friend.tech enables users to connect their X accounts to a crypto wallet address, creating a decentralized social finance space where fans and creators can interact directly.

The platform allows users to engage directly with creators in ways that are not typically possible through traditional channels. For instance, a basketball enthusiast can purchase NBA player Grayson Allen’s Key to engage in a conversation with him. Additionally, users can speculate on the growth of profiles or creators by investing in their keys.

According to data from market intelligence firm Dune Analytics, Friend.tech boasts nearly $9 million in Total Value Locked (TVL) and has over 916,800 users who have conducted at least one trade on the platform. Currently, FRIEND is trading at $0.791, representing a nearly 20% decrease in the last 24 hours.

To stay updated, subscribe to receive email alerts directly to your inbox. Follow us on X, Facebook, and Telegram for the latest news and developments in the crypto space.

Disclaimer: The opinions expressed in this article are not financial advice. Investors should conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are done at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Please note that The Daily Hodl may engage in affiliate marketing.

Featured Image: Shutterstock/Yurchanka Siarhei